The GBP/USD pair fell significantly during the course of the session on Monday, testing the 1.51 area. However, we bounced enough to form a bit of a hammer so it looks like we are still trying to force our way through the 1.52 resistance region. If we can make a fresh, new high, at least as far as the last couple of weeks, we believe that this market will then grind its way towards 1.54 handle. A break below the bottom of the hammer for the Monday session would be very bearish and send this market looking for the 1.50 handle.
